Korean Government News

23 Apr 2019

LNG-Ship Orders to Dominate Newbuilds in 2025

Pic: Samsung Heavy industries.

About 60.3 percent of the world’s ship orders are projected to be for liquefied natural gas (LNG)-fueled vessels by 2025."Ships powered by LNG are expected to account for six out of 10 new vessel orders in six years due to toughened environmental standards," said a report in Pulse News.A study report released by Korea Development Bank and Korea Trade-Investment Promotion Agency said that that as many as 1,962 new LNG carriers would be built by 2025. It also expected demand for LNG bunkering vessels to jump more than tenfold…

13 Mar 2019

Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite

© alexyz3d / Adobe Stock

Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag…

21 Feb 2019

HMM CEO to Step Down

Chang Keun Yoo. Photo: HMM

Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM)  has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.

17 Feb 2019

Sunken Stellar Daisy Located

Image: Ocean Infinity

The Stellar Daisy, a massive South Korean tanker that sank in March 2017, was spotted on the floor of the South Atlantic Ocean nearly two years later.Exploration company Ocean Infinity said that it has located the wreck of the lost South Korean tanker, Stellar Daisy, at a depth of 3,461 meters in the South Atlantic Ocean, approximately 1,800 nautical miles due west of Cape Town.Stellar Daisy sank on 31 March 2017, transporting iron ore from Brazil to China. Tragically, 22 of the 24 crew were lost.Working from Seabed Constructor…

12 Feb 2019

New Maritime Connectivity Platform Launched

Image: Maritime Connectivity Platform

The Maritime Connectivity Platform Consortium has been established and a Platform launched last Friday during the conference e-Navigation Underway 2019.The Maritime Connectivity Platform (MCP) is an open source technology a digital maritime domain. It brings common internet standards to maritime navigation and transportation systems.MCP enables infrastructures for efficient, secure, reliable and seamless electronic information exchange among maritime stakeholders using available communication systems.

27 Nov 2018

Inside the LNG Shipbuilding Boom

BP Shipping took delivery of British Partner, the first of a half dozen new 173,400 cu. m. capacity liquefied natural gas (LNG) carriers to be delivered through 2018 and 2019 from the DSME shipyard in South Korea. (Photo: BP Shipping)

South Korean shipyards have seemingly boxed out rivals from the market for building large ships carrying liquefied natural gas (LNG), winning all of the orders for the next three years worth more than $9 billion.Three South Korean yards - Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries and Samsung Heavy Industries - have won the more than 50 orders placed for new large-scale LNG tankers for delivery in the next three years, according to data from the…

25 Nov 2018

Seoul Orders 140 LNG Ships

Pic: DNV GL

The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, said Korea’s press agency Yonhap.South Korea’s Ministry of Trade, Industry and Energy said the government will provide shipbuilders and suppliers   1.7 trillion won ($1.5 billion) in financial aid to prop up the country’s ailing shipbuilding industry.The report quoted Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division as saying that…

12 Oct 2018

Hyundai Samho Heavy Bags LNG Capesize Pair Order from H-Line

Pic: Hyundai Heavy Industries

South Korean midsized shipping company H-Line, owned by local private equity firm Hahn & Co, has ordered two liquefied natural gas (LNG)-powered 180,000 dwt capesizes at Hyundai Samho Heavy Industries (HSHI).A report by Yonhap, quoting the Ministry of Oceans and Fisheries sources, said that the LNG-powered 180,000-ton vessels will be used on a route between South Korea and Australia starting from 2021.According to the Ministry, the bulk carriers will be the first LNG ships in South Korea to sail on a foreign shipping route.Hyundai Heavy Industries Co.…

12 Oct 2018

Interview: Jeong-kie Lee, Chairman, Korean Register & IACS

Jeong-kie Lee, Chairman and CEO, Korean Register

This month we caught up with Jeong-kie Lee, Chairman and CEO of the Korean Register and also the Chairman of the International Association of Classification Societies (IACS), for his insights on the dominant trends moving the maritime industry into the future.The maritime industry has been challenged, to say the least. Today, where do you see challenge? Where do you see opportunity?The maritime industry is in a state of extreme upheaval, with private and public organizations having to deal with a wide range of ever changing…

25 Jul 2018

Government Okays USD 1.2 bln for Korea Ocean Business Corporation

File Photo: Hanjin

The government of South Korea decided to invest 1.35 trillion won (USD 1.2 billion) in Korea Ocean Business Corporation (KOBC). The compnay was created in order to help its shipping industry stand on its feet, especially after the bankruptcy of Hanjin Shipping.Yonhap reported quoting the finance ministry that Cabinet approved a plan to contribute 12.7-percent stakes in each of the country's four port authorities to the KOBC.Earlier this month, the corporation was officially launched in Busan…

18 Jun 2018

Industry Presents on Marine Accidents and Salvage

Matthew Bierwagen, Resolve Marine Naval Architect UK (Photo: John Cagni)

A series of presentations organized and presented jointly by Resolve Marine Group and the SNAME - Greek Supper Section was held Wednesday, June 6 at the Posidonia 2018 exhibition in Athens.The two-hour event included a total of four presentations – two from SNAME and two from Resolve  â€“ focused on the issues of direct and prompt response to merchant vessels’ accidents and damages that have shaken the global shipping community over the past three years.The event was attended by…

10 Apr 2018

HMM to Order 20 Mega Containerships

(File photo: Hyundai Merchant Marine)

South Korea’s largest shipping line Hyundai Merchant Marine (HMM) announced it will order 20 new containerships, including eight 14,000 TEU vessels and 12 ships above 20,000 TEU. The announcement comes less than a week after the South Korean government unveiled its Five-year Plan for Rebuilding Korean Shipping. HMM said it has sent a request for proposal (RFP) to eligible shipbuilders. Once a builder is selected, HMM will decide between scrubbers or liquefied natural gas (LNG) bunkering in order to comply with the environmental regulations due to enter force in 2020.

11 Mar 2018

South Korea Restuctures Mid-Sized Shipbuilders

File Photo: STX Offshore & Shipbuilding Co., Ltd

The South Korean government decided to restructure two financially-troubled mid-sized shipbuilders, said a report in Business Korea. While filing for court receivership for the debt-ridden Sungdong Shipbuilding, the government has decided to save STX Offshore and Shipbuilding Co. on condition of slashing 75 percent of its production workforce. The two shipbuilders are heavily indebted to Korea's two state-run banks, as they have struggled with snowballing losses amid unfavorable oil prices and the worldwide industry downturn.

26 Feb 2018

Hyundai Merchant Marine’s Expansion Plans: Drewry

HMM containership fleet, 22 February 2018. Table: Source: Drewry Maritime Research

Korean carrier Hyundai Merchant Marine (HMM)’s expansion plans are incompatible with market stability. Will it settle for more limited ambitions? An Analysis by Drewry. South Korean carrier Hyundai Merchant Marine (HMM) is back in the news with an impending order for as many as 14 Ultra Large Container Vessels (ULCV) of 22,000 teu and for its intriguing re-entrance into the Asia-Europe market as a vessel provider, with reports suggesting a new standalone service called Asia Europe Express (AEX) using 10 Classic Panamax ships of 4,700 teu will commence in April.

26 Feb 2018

US Prepares High-seas Crackdown on N.Korea Sanctions Evaders

(U.S. Coast Guard photo by Levi Read)

The Trump administration and key Asian allies are preparing to expand interceptions of ships suspected of violating sanctions on North Korea, a plan that could include deploying U.S. Coast Guard forces to stop and search vessels in Asia-Pacific waters, senior U.S. officials said. Washington has been talking to regional partners, including Japan, South Korea, Australia and Singapore, about coordinating a stepped-up crackdown that would go further than ever before in an attempt to squeeze Pyongyang’s use of seagoing trade to feed its nuclear missile program, several officials told Reuters.

26 Feb 2018

Shipping Carriers M&A to Wane in 2018 - iContainers

© MAGNIFIER / Adobe Stock

Mergers and acquisitions activities for shipping carriers are expected to slow down in 2018, and instead will likely to pivot to freight forwarders, where the industry can expect to see an increase in M&A talks, says online freight forwarder iContainers. Following an unprecedented number of mergers and acquisitions over the past few years, iContainers says this trend can now be expected to ebb. “In terms of carriers, I doubt we will see anymore movements in the near future. I don’t see any major players breaking right now.

29 Dec 2017

China Denies Selling Oil Illicitly to N.Korea

© Jess Yu / Adobe Stock

China on Friday denied reports it has been illicitly selling oil products to North Korea after U.S. President Donald Trump said he was not happy that China had allowed oil to reach the isolated nation. Trump said on Twitter the previous day that China had been "caught" allowing oil into North Korea and that would prevent "a friendly solution" to the crisis over North Korea's nuclear and missile programmes that it conducts in defiance of heavy U.N. Security Council sanctions. "I have been soft on China because the only thing more important to me than trade is war…

28 Dec 2017

Trump Troubled About Oil Flow into North Korea

© luzitanija/Adobe Stock

U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.

27 Dec 2017

Chinese Ships Illegally Selling Oil to North Korea

Images taken on October 19, 2017 depict a recent attempt by Korea Kumbyol Trading Company's vessel Rye Song Gang 1 to conduct a ship-to-ship transfer in an effort to evade sanctions (Photo: U.S. Treasury Department)

U.S. spy satellites have caught Chinese and North Korean ships illegally trading oil on the West Sea 30 times in the last three months, according to South Korean government sources. The reported smuggling comes in the wake of United Nations sanctions banning ship-to-ship trades with North Korea on the high seas since September. But according a report from The Chosun Ilbo, satellites images have since captured more than two dozen illegal transfers and even the names of the ships side by side illegally trading oil.

09 Nov 2017

Chinese Shipbuilder Wins Award for Largest Heavy Lifting Vessel

Shanghai Zhenhua Heavy Industries Company has built the largest heavy lifting vessel in the world which can carry up to 12,000 tons. The vessel, which took eight years to design and build, was awarded a special prize at the 19th China International Industry Fair in Shanghai. Seen as a symbol of China's growing engineering prowess in ocean technologies, the Zhenhua 30 was previously tested in front of representatives from ABS class society, domestic and international clients and the Chinese and Korean government. In these tests, the single boom crane was able to life 7,700 tons in revolving mode and 13,200 tons when tied back. The vessel has a 12 knot transit speed and can provide accomodation for 380 people.

08 Nov 2017

DSME Posts Profit for Q3

DSME’s first LNG-FPSO is on display in Okpo Bay. Photo: Daewoo Shipbuilding and Marine Engineering

South Korean yard giant Daewoo Shipbuilding and Marine Engineering (DSME) ended the third quarter of this year with a profit of KRW 45.7 billion (USD 41 million), compared to a net loss of KRW 284 billion posted a year earlier, Yonhap said. The troubled shipbuilder is significantly better off than last year after a rescue package from the South Korean government in the spring. DSME, which has battled a highly publicised liquidity crunch for the past two years,  posted profit for the third straight quarter from July through September…

03 Apr 2017

Daewoo to Deliver Two More LNG Tankers in 2017

South Korea's Daewoo Shipbuilding expects to deliver two more ice-class tankers to lift liquefied natural gas (LNG) from Russia's Yamal LNG project this year, a company spokesman said on Monday. Daewoo Shipbuilding & Marine Engineering (DSME), which has the world's largest volume of existing orders among shipyards, has got an order to build a total of 15 ice-class tankers for the Yamal LNG project. The first tanker, named after Christophe de Margerie, the former chief executive of French oil company Total who died in an aircraft crash at a Moscow airport in 2014, made a test docking at the Sabetta port in Yamal last week. A spokesman for Daewoo Shipbuilding said on Monday that the remaining 14 LNG tankers for Yamal are all due to be delivered by 2020…

09 Mar 2017

Royal Caribbean cuts South Korean Ports from China Cruises

Royal Caribbean Cruises Ltd will remove visits to South Korean ports from its China cruises, the firm said in a statement, amid rising tension between the two countries over Seoul's deployment of a U.S. missile defence system. In a post on its Chinese website, the U.S. cruise operator, one of the world's biggest, said it had changed its China-based cruises to remove visits to popular South Korean resorts because of "recent developments regarding the situation in South Korea". The move makes Royal Caribbean one of the first major travel firms to publicly stop or restrict trips to South Korea after media reports last week that Beijing had given guidance to tour operators in China to stop selling trips to the country.

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